On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $74,600 and $3,700, respectively. During the year Kincaid reported $208,000 of credit sales. Kincaid wrote off $2,000 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $258,900. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. The amount of uncollectible accounts expense recognized in the Year 2 income statement will be:
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On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts...
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